Lenovo reported stronger-than-expected revenue growth

Lenovo Group, the world's largest personal computer maker, reported a nearly 10 percent year-on-year rise in revenue in the quarter ending in March, as the Chinese tech company steps up push to pounce at the opportunities from artificial intelligence.

Revenue for the January-March quarter hit $13.8 billion, beating an average estimate of $13 billion drawn from eight analysts according to LSEG data.

Its net income doubled year-on-year to $248 million, and non-PC revenue mix reached a historic high of 45 percent.

Lenovo said the performance showed that it has navigated the past year’s industry downturn, captured tremendous growth opportunities presented by AI, and accelerated momentum across the business.

Yang Yuanqing, chairman and CEO of Lenovo, said the results clearly demonstrate that "we have not only resumed growth across all our businesses but that our business momentum is accelerating, driven by the unprecedented opportunities brought by Hybrid AI."

"Fueled by our intelligent transformation strategy and years of investment in innovation, we've built a full stack of AI capabilities and are at the forefront of pioneering the revolutionary AI PC market," Yang said.

The company said that in the past fiscal year, the Group achieved a record high percentage for both R&D headcount at 26.2 percent, as well as a R&D expense to revenue ratio of 3.6 percent.